Timeshare Cancellation Letter - What You Need to Do to Rescind a Timeshare Contract

Timeshares are a big commitment for many people, but often
you find yourself in the position of having made that commitment quite casually
while you were on vacation. If you find yourself regretting this decision once
you get home from vacation, there is still a good chance you can fix it and get
yourself out of the timeshare contract.

Most of the time you will need to write a timeshare
cancellation letter to the company that you bought the timeshare from. But
before you do anything, you want to find out exactly how much time you have to
cancel. The laws in each state are different when it comes to timeshare
rescission and you want to make sure you meet the legal requirements so you
don't get stuck with a property you don't want.

For example, in Florida the rescission period that allows
you to cancel a timeshare contract is quite generous. Florida gives you 10 days
to cancel the contract.But in Nevada,
you have only five calendar days. So if your rescission period is short, you
will want to act quickly to ensure you don't miss it and get stick with a very
expensive mistake. You don't want to wind up having to sell your timeshare on your own.

Now to the timeshare cancellation letter itself. If there's a
rescission form included with your timeshare purchase paperwork, then you may
not need to write a letter. But in most cases, you'll have to do so. The letter
doesn't need to be anything fancy. I
purchased a timeshare from Worldmark a few years ago and when I decided to
rescind, I included the following information in my letter:

Full legal name (or as it appears on the contract itself)

Date of purchase

The contract number

For most rescission letters, this is all the information you
are going to need. But your contract should specify exactly what is required to
rescind so be sure to review whatever materials the timeshare company gave you
before you send them anything. You want to make sure you follow their
instructions to the letter.

If you gave the company any money, such as a deposit, or you
signed a financing agreement, you should also specify that you want that money
returned as well. It may seem like it goes without saying, but it is best to
have it in writing.

Once you have everything sorted out and your letter is ready to go, I recommend sending it by certified mail
with return receipt. This provides you with proof that you sent the letter by
the correct date and proof that they also received the letter. This
documentation will help you in the event of any problems. For the most part
though, while US timeshare companies often present a hard sell during the presentation, they will act efficiently to cancel your contract and return any
money owed.

After your contract is canceled, then you can rest easy and
explore the world of timeshares on your own terms. Without the pressure of a
salesperson sitting across from you, it is much easier to weigh the pros and
cons.